本文選題：房地產(chǎn) + 抵押品效應(yīng)��； 參考：《財經(jīng)研究》2017年10期

【摘要】：在我國較密集的房地產(chǎn)調(diào)控背景之下,定量測算房地產(chǎn)抵押品價值變動對實體經(jīng)濟(jì)的影響幅度具有重要意義。文章采用前沿方法深入考察了房地產(chǎn)抵押品價值變動對公司投融資決策的影響,并在此基礎(chǔ)上對房價調(diào)控政策對社會總投資的潛在影響進(jìn)行了估算。研究發(fā)現(xiàn):(1)我國存在顯著的抵押品效應(yīng),公司房地產(chǎn)抵押品價值每上升1元,資本支出隨之增加約5.7分;無論是控制公司固定效應(yīng),還是使用替代指標(biāo)或子樣本分析,抵押品效應(yīng)均穩(wěn)健成立。(2)宏觀層面上,房地產(chǎn)抵押品價值1%的上升將引起總投資增加約466.3億元。(3)對資金來源的探究顯示,抵押品升值提高了公司的貸款獲得,尤其是短期貸款的獲得。(4)抵押品效應(yīng)與公司的融資約束正相關(guān),但與所在地區(qū)金融市場化水平無明顯關(guān)系�；谘芯拷Y(jié)論,建議政府在進(jìn)行調(diào)控時不宜對房價過度打壓,而應(yīng)引導(dǎo)房價保持與居民消費價格相當(dāng)?shù)脑鲩L速度,減少房價過度波動,維持房地產(chǎn)市場長期平穩(wěn)健康發(fā)展。
[Abstract]:Under the background of more intensive real estate regulation and control in China, it is of great significance to measure quantitatively the influence of real estate collateral value on the real economy.In this paper, the influence of the change of the real estate collateral value on the investment and financing decision of the company is investigated by using the frontier method, and the potential impact of the housing price regulation policy on the total social investment is estimated.The study found that there is a significant collateral effect in China. For every increase in the value of corporate real estate collateral, the capital expenditure increases by about 5.7 points; whether it is controlling firm fixed effects or using alternative indicators or sub-sample analysis,On the macro level, an increase of 1% of the value of real estate collateral will lead to an increase in total investment of about 46.63 billion yuan.In particular, the collateral effect of short-term loans is positively related to the financial constraints of the company, but has no obvious relationship with the level of financial marketization in the region.Based on the conclusion of the research, it is suggested that the government should not suppress the housing price excessively, but should guide the house price to keep the growth rate corresponding to the consumer price, reduce the excessive fluctuation of the house price, and maintain the stable and healthy development of the real estate market for a long time.
【作者單位】： 對外經(jīng)濟(jì)貿(mào)易大學(xué)金融學(xué)院;
【基金】：國家自然科學(xué)基金青年項目(71703018)
【分類號】：F299.23

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